KOVEE: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KOVEE
Largest movements
- Receivables within one year +€35,542
up €35,542 (+108%), from €32,787 to €68,328
of which Trade receivables: +€33,461
- Cash -€23,330
down €23,330 (-10.5%), from €221,722 to €198,392
mainly Receivables within one year (-€35,542) and Investment in fixed assets (net) (-€22,495)
- Debts after one year -€15,743
down €15,743 (-4.7%), from €336,651 to €320,908
- Other debts -€15,110
down €15,110 (-47.6%), from €31,774 to €16,664
- Trade debts +€14,521
up €14,521 (+54.4%), from €26,680 to €41,201
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Tax, wage and social debts +€8,990
up €8,990 (+87.9%), from €10,230 to €19,220
of which Taxes: +€7,712
- Gross operating margin -€47,256
down €47,256 (-32.9%), from €143,747 to €96,491
- Staff costs +€7,519
up €7,519 (+24.8%), from €30,304 to €37,823
- Taxes -€6,638
down €6,638 (-48.7%), from €13,640 to €7,002
- Depreciation +€2,437
up €2,437 (+12.0%), from €20,282 to €22,719
- Financial charges -€1,930
down €1,930 (-12.5%), from €15,485 to €13,555
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €668,660 | €680,004 | +€11,344 | +1.7% |
| Fixed assets | 21/28 | €408,249 | €408,025 | -€224 | -0.1% |
| Tangible fixed assets | 22/27 | €408,249 | €408,025 | -€224 | -0.1% |
| Land and buildings | 22 | €396,850 | €384,101 | -€12,748 | -3.2% |
| Plant, machinery and equipment | 23 | €4,166 | €19,690 | +€15,524 | +373% |
| Furniture and vehicles | 24 | €7,233 | €4,233 | -€3,000 | -41.5% |
| Current assets | 29/58 | €260,412 | €271,980 | +€11,568 | +4.4% |
| Amounts receivable within one year | 40/41 | €32,787 | €68,328 | +€35,542 | +108% |
| Trade receivables | 40 | €32,787 | €66,248 | +€33,461 | +102% |
| Other amounts receivable | 41 | - | €2,081 | +€2,081 | |
| Cash at bank and in hand | 54/58 | €221,722 | €198,392 | -€23,330 | -10.5% |
| Deferred charges and accrued income | 490/1 | €5,902 | €5,259 | -€644 | -10.9% |
| Total equity and liabilities | 10/49 | €668,660 | €680,004 | +€11,344 | +1.7% |
| Equity | 10/15 | €235,444 | €250,522 | +€15,078 | +6.4% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €70,360 | €68,860 | -€1,500 | -2.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €68,500 | €67,000 | -€1,500 | -2.2% |
| Profit (loss) carried forward | 14 | €158,884 | €163,062 | +€4,178 | +2.6% |
| Amounts payable | 17/49 | €433,217 | €429,482 | -€3,735 | -0.9% |
| Amounts payable after more than one year | 17 | €336,651 | €320,908 | -€15,743 | -4.7% |
| Financial debts | 170/4 | €336,651 | €320,908 | -€15,743 | -4.7% |
| Amounts payable within one year | 42/48 | €95,512 | €107,586 | +€12,074 | +12.6% |
| Current portion of amounts payable after more than one year | 42 | €26,829 | €30,501 | +€3,673 | +13.7% |
| Trade debts | 44 | €26,680 | €41,201 | +€14,521 | +54.4% |
| Suppliers | 440/4 | €26,680 | €41,201 | +€14,521 | +54.4% |
| Taxes, remuneration and social security | 45 | €10,230 | €19,220 | +€8,990 | +87.9% |
| Taxes | 450/3 | €4,970 | €12,682 | +€7,712 | +155% |
| Remuneration and social security | 454/9 | €5,260 | €6,537 | +€1,277 | +24.3% |
| Other amounts payable | 47/48 | €31,774 | €16,664 | -€15,110 | -47.6% |
| Accrued charges and deferred income | 492/3 | €1,054 | €988 | -€66 | -6.2% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €30,304 | €37,823 | +€7,519 | +24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,282 | €22,719 | +€2,437 | +12.0% |
| Other operating charges | 640/8 | €1,705 | €1,213 | -€492 | -28.8% |
| Non-recurring operating charges | 66A | €194 | €0 | -€194 | -100% |
| Gross operating margin | 9900 | €143,747 | €96,491 | -€47,256 | -32.9% |
| Operating profit (loss) | 9901 | €91,262 | €34,735 | -€56,526 | -61.9% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €15,485 | €13,555 | -€1,930 | -12.5% |
| Recurring financial charges | 65 | €15,485 | €13,555 | -€1,930 | -12.5% |
| Profit (loss) for the period before taxes | 9903 | €75,777 | €21,181 | -€54,596 | -72.0% |
| Income taxes | 67/77 | €13,640 | €7,002 | -€6,638 | -48.7% |
| Profit (loss) for the period | 9904 | €62,137 | €14,178 | -€47,958 | -77.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,137 | €14,178 | -€47,958 | -77.2% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.